Limited Time Only: Pay No Stamp Duty at Henley Rise*
There are a number of costs that need to be factored in when it comes to purchasing a property, and one of those is stamp duty. However, for a limited time only Henley Rise is giving you the chance to pay no stamp duty* when you purchase a residence off-the-plan.
What is Stamp Duty?
Stamp duty, or transfer duty, is a government tax that you need to pay when purchasing land or property. While the rules and amounts differ from state to state, in Western Australia stamp duty is calculated based on the market value of the property. This means more expensive properties attract more stamp duty.
How much is Stamp Duty?
In Western Australia, the residential stamp duty rate is calculated as per the following:
- If the property you are purchasing is valued at $0 – $120,000, you will have to pay $1.90 per $100 or part thereof.
- If the property you are purchasing is valued at $120,001 – $150,000, you will have to pay $2,280 plus $2.85 per $100 or part thereof above $120,000.
- If the property you are purchasing is valued at $150,001 – $360,000, you will have to pay $3,135 plus $3.80 per $100 or part thereof above $150,000.
- If the property you are purchasing is valued at $360,001 – $725,000, you will have to pay $11,115 plus $4.75 per $100 or part thereof above $360,000.
- If the property you are purchasing is valued at $725,001 or more, you will have to pay $28,453 plus $5.15 per $100 or part thereof above $725,000.
For example, if you purchase a residential property worth $800,000, you will need to pay $28,453 plus $5.15 for every $100 or part thereof above $725,000. In total, you would need to pay $32,315 in stamp duty.
Pay no Stamp Duty when you purchase a residence at Henley Rise*
The Western Australian government is currently offering an Off-the-Plan Duty Rebate, where you can apply to claim back 75% of the duty paid, capped at $50,000. This rebate is available to owner-occupiers and investors who enter into a pre-construction contract to purchase a new residential unit or apartments up until 23 October 2021.
In addition to this, Henley Rise is offering a pay no stamp duty* promotion for a limited time. This means that in addition to the 75% stamp duty rebate from the Western Australian government, you could claim the remaining 25% up to the value of $20,000.
If you’re ready to take advantage of this offer, contact us for more information.
Upgrade your residence
Since stamp duty is an upfront cost, it cannot be covered by your home loan. Instead, it must be paid upfront and may come out of your cash deposit, which could reduce the affordability of your ideal property.
However, eligible purchasers won’t need to factor in stamp duty when they secure a residence at Henley Rise. This means you might be able to afford a residence on a higher floor or with a bigger floor plan than you initially thought you could.